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Ups and downs continue in the EURUSD


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Watching 1.14788-83 intraday

As I wrote last Thursday, 
“Let’s face it, the EURUSD has been trading up and then trading down this month. Intraday, there have been a lot of ups and down too  Today is no exception.  Trader’s have to accept it.”

Since that post (last Thursday), the price has seen more downs and ups and downs again.

  • The low on Friday fell to the low from October 9th and stalled/bounced
  • The sharp rebound on Friday stalled at the 200 hour MA (green line)
  • The high today moved above the 200 hour MA but failed.

The tumble back lower today has taken the price back below the 100 hour MA (blue line at 1.15129 currently, and the 1.14788-83 area. That has been a swing area (see red circles) in the ups and downs.  
The targets below now will look toward the 1.1459-63 area (another swing area – green circles), then the double bottom at 1.14319. 
Those are the targets on more weakness today. 
For now the close risk is the 1.14788-83 area. Stay below is more bearish intraday. A move above muddies the waters for the intraday at least.
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